Latest news with #JohnHeller
Yahoo
24-05-2025
- Business
- Yahoo
RBC Raises Price Target on Amentum Holdings (AMTM)
On Wednesday, May 21, RBC Capital Markets raised the price target for Amentum Holdings, Inc. (NYSE:AMTM) to $24 from $22 while keeping a 'Sector Perform' rating. This decision came after a series of investor meetings between the company's top executives and investors. Amentum Holdings, Inc.'s (NYSE:AMTM) CEO John Heller, CFO Travis Johnson, and Head of Investor Relations Nathan Rutledge discussed the company's financial strategies and future prospects with investors, focusing especially on the company's free cash flow (FCF) and plans for organic growth. A cybersecurity expert monitoring the security of the company's assets, emphasizing the importance of data protection. Long-term investors were interested in Amentum Holdings, Inc.'s (NYSE:AMTM) FCF prospects, which are supported by the company's plan to de-leverage. There is also an expectation that the company will see organic growth in the second half of 2025 and the full fiscal year 2026. However, some concerns regarding risks to the company's revenue were raised. These risks come from the timing of contract awards and the potential effects of the Department of Defense's budgetary decisions. Despite this, RBC Capital Markets believes that as confidence in Amentum Holdings, Inc.'s (NYSE:AMTM) FCF grows, the company's market value could rise. Amentum Holdings, Inc. (NYSE:AMTM) is an American government and commercial services contractor that specializes in advanced engineering and innovative technology solutions for the environment, space, intelligence, and defense markets. The company serves the US and allied government agencies. While we acknowledge the potential of AMTM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than AMTM and that has a 100x upside potential, check out our report about the cheapest AI stock. READ NEXT: 11 Stocks That Will Bounce Back According To Analysts and 11 Best Stocks Under $15 to Buy According to Hedge Funds. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
06-05-2025
- Business
- Business Wire
Amentum Reports Second Quarter Fiscal Year 2025 Results
CHANTILLY, Va.--(BUSINESS WIRE)--Amentum Holdings, Inc. ('Amentum' or the 'Company') (NYSE: AMTM), a leading advanced engineering and technology company, today announced results for the second quarter ended March 28, 2025 and updated its outlook for fiscal year 2025, reaffirming the mid-points of prior guidance. 'Amentum delivered solid results this quarter, underscoring the strength of our mission-focused portfolio and the consistency of demand across our markets.' Share 'Amentum delivered solid results this quarter, underscoring the strength of our mission-focused portfolio and the consistency of demand across our markets,' said Amentum Chief Executive Officer John Heller. 'Our performance, combined with our recently announced divestiture of Rapid Solutions, highlights the strength of our business as a premier pure-play advanced engineering and technology solutions company and enhances our financial flexibility. We remain focused on delivering differentiated value to our customers and driving long-term growth through disciplined execution.' 1 – March 29, 2024 Revenues and Non-GAAP financial measures are presented on a pro forma basis to include the results of Jacob's Critical Mission Solutions and Cyber & Intelligence (CMS) businesses prepared in accordance with the requirements of Article 11 of Regulation S-X. 2 – Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Management believes that these non-GAAP measures provide another measure of Amentum's results of operations and financial condition, including its ability to comply with financial covenants. See Unaudited Pro Forma Non-GAAP Financial Measures at the end of this press release for more information and a reconciliation of our selected reported results to these non-GAAP measures. Expand GAAP Results GAAP revenues increased 70% year-over-year primarily as a result of revenues from the combination with Jacobs' Critical Mission Solutions and Cyber & Intelligence (CMS) businesses. GAAP operating income increased as a result of the contribution from CMS, partially offset by increased intangible amortization expense. GAAP net income and diluted earnings per share improved year-over-year due to the higher operating income and lower interest expense. Pro Forma and Non-GAAP Results Pro forma revenues, which include the results of CMS prepared in accordance with the requirements of Article 11 of Regulation S-X, increased 1% year-over-year driven by growth in Digital Solutions. Pro Forma Adjusted EBITDA increased 3% year-over-year primarily due to the higher revenues and improved operating performance. Pro Forma Adjusted Net Income and Adjusted Diluted Earnings Per Share increased due to higher operating profit partially offset by increases in interest and tax expenses. Pro Forma and Non-GAAP Segment Results 1 – March 29, 2024 Revenues and Non-GAAP financial measures are presented on a pro forma basis. 2 – Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Management believes that these non-GAAP measures provide another measure of Amentum's results of operations and financial condition, including its ability to comply with financial covenants. See Unaudited Pro Forma Non-GAAP Financial Measures at the end of this press release for more information and a reconciliation of our selected reported results to these non-GAAP measures. Expand Digital Solutions revenues for the second quarter increased 3% year-over-year driven by higher volume from new commercial contract awards, partially offset by the expected ramp-down of other historical programs. Adjusted EBITDA increased 7% year-over-year due to the higher revenues and improved operating performance. Global Engineering Solutions revenues for the second quarter decreased 1% year-over-year as a result of the expected ramp-down on certain historical programs, partially offset by new contract awards and growth on existing programs. Adjusted EBITDA increased 1% year-over-year as a result of improved operating performance. Cash Flow Summary During the three months ended March 28, 2025, Amentum generated $57 million of net cash provided by operating activities and used $31 million and $12 million in investing and financing activities, respectively. Net cash provided by operating activities was driven by strong cash earnings and disciplined working capital management partially offset by the timing of tax and interest payments. Investing activities included $4 million in capital expenditures, which resulted in quarterly free cash flow of $53 million, as well as contributions of $27 million to equity method investments. Financing activities consisted primarily of $9 million in distributions to non-controlling interests. As of March 28, 2025, Amentum had $546 million in cash and cash equivalents and $4.7 billion of debt. Backlog and Contract Awards As of March 28, 2025, the Company had total backlog of $44.8 billion, compared with $27.2 billion as of March 29, 2024, an increase of $17.6 billion primarily due to the acquisition of CMS. Funded backlog as of March 28, 2025 was $5.8 billion. Notable Q2 Fiscal Year 2025 Awards Multiple Intelligence Awards - Amentum was awarded over $1 billion in intelligence contracts, delivering a variety of mission-focused solutions including critical infrastructure management, cyber security and intelligence analysis. These awards illustrate the strong demand for Amentum's expertise and innovative intelligence solutions. Sizewell C: New U.K. Nuclear Power Station - Amentum was selected as the program manager and lead design engineer for Sizewell C, delivering critical engineering and technical services, and modernized infrastructure solutions. The station will have two 1.6 gigawatt reactors capable of supplying electricity to six million homes each year. Multiple IDIQ Task Order Awards - Amentum was awarded over $500 million on IDIQ task orders, including a program with the Naval Surface Warfare, leveraging our proven track-record in electromagnetic environmental effects, communication and execution systems, and Amentum's highly-skilled digital engineers. Announced Divestiture On April 23, 2025, Amentum announced it has entered into a definitive agreement to sell its hardware and products business, Rapid Solutions, for $360 million in cash. The business accounts for approximately 1% of Amentum's annual Revenues and Adjusted EBITDA. The transaction is expected to close in the second half of 2025 and generate approximately $325 million in after-tax proceeds. Fiscal Year 2025 Guidance Amentum updates its fiscal year 2025 outlook and reaffirms the mid-points of prior guidance as follows: 1 – Represents a Non-GAAP financial measure - see the related explanations included elsewhere in this release. Amentum does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP measures due to the inherent difficulty in forecasting and quantifying certain significant items. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results for the relevant period. Expand Webcast Information Amentum will host a conference call beginning at 8:30 a.m. Eastern time on Wednesday, May 7, 2025 to discuss the results for the second quarter ended March 28, 2025. The conference call will be webcast simultaneously to the public through a link on the Investor Relations section of the Amentum website at After the call concludes, a replay of the webcast can be accessed on the Investor Relations website. About Amentum Amentum is a global leader in advanced engineering and innovative technology solutions, trusted by the United States and its allies to address their most significant and complex challenges in science, security and sustainability. Our people apply undaunted curiosity, relentless ambition and boundless imagination to challenge convention and drive progress. Our commitments are underpinned by the belief that safety, inclusion and well-being are integral to success. Headquartered in Chantilly, Virginia, we have more than 53,000 employees in approximately 80 countries. Visit us at to learn how we advance the future together. Cautionary Note Regarding Forward Looking Statements This release contains or incorporates by reference statements that relate to future events and expectations and, as such, could be interpreted to be 'forward-looking statements' as that term is defined in the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements may be characterized by terminology such as 'believe,' 'project,' 'expect,' 'anticipate,' 'estimate,' 'forecast,' 'outlook,' 'target,' 'endeavor,' 'seek,' 'predict,' 'intend,' 'strategy,' 'plan,' 'may,' 'could,' 'should,' 'will,' 'would,' 'will be,' 'will continue,' 'will likely result,' or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including projections of financial performance; statements of plans, strategies and objectives of management for future operations; any statement concerning developments, performance or industry rankings relating to products or services; any statements regarding future economic conditions or performance; any statements of assumptions underlying any of the foregoing; and any other statements that address activities, events or developments that the Company intends, expects, projects, believes or anticipates will or may occur in the future. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others: changes in U.S. or global economic, financial, business and political conditions, including changes to governmental budgetary priorities and tariffs; our ability to comply with the various procurement and other laws and regulations; risks associated with contracts with governmental entities; reviews and audits by the U.S. government and others; changes to our professional reputation and relationship with government agencies; the occurrence of an accident or safety incident; the ability of the Company to control costs, meet performance requirements or contractual schedules, compete effectively or implement its business strategy; the ability of the Company to retain and hire key personnel, and retain and engage key customers and suppliers; the failure to realize the anticipated benefits of the 2024 transaction with Jacobs Solutions Inc.; potential liabilities associated with shareholder litigation or other settlements or investigations; evolving legal, regulatory and tax regimes; and other factors set forth under Item 1A, Risk Factors in the annual report on Form 10-K (the 'Annual Report'), and from time to time in documents that we file with the SEC. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see the discussions under the section entitled 'Risk Factors' in the Annual Report. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Pro Forma and Non-GAAP Measures This release includes the presentation and discussion of pro forma financial information that incorporates the results of CMS prepared in accordance with the requirements of Article 11 of Regulation S-X. This release also includes the presentation and discussion of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, and Free Cash Flow, which are not measures of financial performance under Generally Accepted Accounting Principles in the United States ('GAAP'), each of which are pro forma when reporting for the three and six months ended March 29, 2024. These pro forma and non-GAAP measures should be considered only as supplements to, and should not be considered in isolation or used as substitutes for, financial information prepared in accordance with GAAP. Management of the Company believes these pro forma and non-GAAP measures, when read in conjunction with the Company's financial statements prepared in accordance with GAAP and, where applicable, the reconciliations herein to the most directly comparable GAAP measures, provide useful information to management, investors and other users of the Company's financial information in evaluating operating results and understanding operating trends by adjusting for the effects of items we do not consider to be indicative of the Company's ongoing performance, the inclusion of which can obscure underlying trends. Additionally, management of the Company uses such measures in its evaluation of business performance, particularly when comparing performance to past periods, and believes these measures are useful for investors because they facilitate a comparison of financial results from period to period. The computation of pro forma and non-GAAP measures may not be comparable to similarly titled measures reported by other companies, thus limiting their use for comparability. Definitions of applicable non-GAAP measures and reconciliations to the most directly comparable GAAP measures are provided elsewhere in this release. In addition to the above non-GAAP financial measures, the Company has included backlog, net bookings, and book-to-bill in this release. Backlog is an operational measure representing the estimated amount of future revenues to be recognized under negotiated contracts, and net bookings represent the change in backlog between reporting periods plus reported revenues for the period. Book-to-bill represents net bookings divided by reported revenues for the same period. We believe these metrics are useful for investors because they are an important measure of business development performance and are used by management to conduct and evaluate its business during its regular review of operating results. AMENTUM HOLDINGS, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except per share data) March 28, 2025 September 27, 2024 ASSETS Current assets: Cash and cash equivalents $ 546 $ 452 Accounts receivable, net 2,509 2,401 Prepaid expenses and other current assets 211 231 Total current assets 3,266 3,084 Property and equipment, net 133 144 Equity method investments 193 123 Goodwill 5,658 5,556 Intangible assets, net 2,353 2,623 Other long-term assets 401 444 Total assets $ 12,004 $ 11,974 LIABILITIES Current liabilities: Current portion of long-term debt $ 43 $ 36 Accounts payable 876 764 Accrued compensation and benefits 659 696 Contract liabilities 112 113 Other current liabilities 407 356 Total current liabilities 2,097 1,965 Long-term debt, net of current portion 4,636 4,643 Deferred tax liabilities 332 370 Other long-term liabilities 360 444 Total liabilities 7,425 7,422 SHAREHOLDERS' EQUITY Common stock, $0.01 par value, 1,000,000,000 shares authorized; 243,322,468 shares issued and outstanding at March 28, 2025 and 243,302,173 shares issued and outstanding at September 27, 2024. 2 2 Additional paid-in capital 4,907 4,962 Retained deficit (511 ) (527 ) Accumulated other comprehensive income 29 23 Total Amentum shareholders' equity 4,427 4,460 Non-controlling interests 152 92 Total shareholders' equity 4,579 4,552 Total liabilities and shareholders' equity $ 12,004 $ 11,974 Expand AMENTUM HOLDINGS, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) Three Months Ended Six Months Ended March 28, 2025 March 29, 2024 March 28, 2025 March 29, 2024 Cash flows from operating activities Net income (loss) including non-controlling interests $ 2 $ (42 ) $ 23 $ (81 ) Adjustments to reconcile net income (loss) including non-controlling interests to net cash provided by (used in) operating activities: Depreciation 9 5 18 12 Amortization of intangibles 120 58 240 114 Amortization of deferred loan costs and original issue discount 2 6 5 11 Derivative instruments 3 16 6 31 Equity earnings of non-consolidated subsidiaries (8 ) (19 ) (29 ) (34 ) Distributions from equity method investments 14 14 35 31 Deferred income taxes 4 (17 ) (11 ) (29 ) Equity-based compensation 5 1 8 2 Other — 4 (1 ) 2 Changes in assets and liabilities, net of effects of business acquisition: Accounts receivable, net (100 ) 15 (127 ) (88 ) Prepaid expenses and other assets 36 44 71 52 Accounts payable, contract liabilities, and other current liabilities 20 (71 ) (11 ) (98 ) Accrued employee compensation and benefits (40 ) (12 ) (46 ) (4 ) Other long-term liabilities (10 ) 3 (14 ) 1 Net cash provided by (used in) operating activities 57 5 167 (78 ) Cash flows from investing activities Payments for property and equipment (4 ) (3 ) (12 ) (5 ) Contributions to equity method investments (27 ) — (28 ) — Other — — 1 (1 ) Net cash used in investing activities (31 ) (3 ) (39 ) (6 ) Cash flows from financing activities Borrowings on revolving credit facilities 303 362 513 562 Payments on revolving credit facilities (303 ) (362 ) (513 ) (562 ) Repayments of borrowings under the credit agreement — (9 ) — (17 ) Repayments of borrowings under other agreements (3 ) (3 ) (5 ) (6 ) Distributions to non-controlling interests (9 ) (1 ) (22 ) (2 ) Other — (1 ) (1 ) (3 ) Net cash used in financing activities (12 ) (14 ) (28 ) (28 ) Effect of exchange rate changes on cash 10 (2 ) (6 ) 4 Net change in cash and cash equivalents 24 (14 ) 94 (108 ) Cash and cash equivalents, beginning of period 522 211 452 305 Cash and cash equivalents, end of period $ 546 $ 197 $ 546 $ 197 Expand AMENTUM HOLDINGS, INC. UNAUDITED NON-GAAP FINANCIAL MEASURES The presentation and discussion of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted EPS, and Free Cash Flow are not measures of financial performance under Generally Accepted Accounting Principles in the United States ('GAAP'). These non-GAAP measures should be considered only as supplements to, and should not be considered in isolation or used as a substitute for, financial information prepared in accordance with GAAP. Management believes these non-GAAP measures, when read in conjunction with our consolidated financial statements prepared in accordance with GAAP and the reconciliations herein to the most directly comparable GAAP measures, provide useful information in assessing trends in our ongoing operating performance and may provide greater visibility in understanding the long-term financial performance of the Company. The computation of non-GAAP measures may not be comparable to similarly titled measures reported by other companies, thus limiting their use for comparability. Adjusted EBITDA is defined as GAAP net income attributable to common shareholders adjusted for interest expense and other, net, provision for income taxes, depreciation and amortization, and excludes the following discrete items: Acquisition, transaction, and integration costs – Represents acquisition, transaction and integration costs, including severance, retention, and other adjustments related to acquisition and integration activities. Amortization of intangibles – Represents the amortization of intangible assets. Non-cash GAAP expense (gain) – Represents a non-cash goodwill impairment charge and a non-cash gain on acquisition of controlling interest. Loss on extinguishment of debt – Represents the write-off of debt discount and debt issuance costs as a result of debt modifications. Utilization of certain fair market value adjustments assigned in purchase accounting – Represents the periodic utilization of the fair market value adjustments assigned to certain equity method investments and non-controlling interests based on the remaining period of performance for the related contract. Share-based compensation – Represents non-cash compensation expenses recognized for share based arrangements. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenues. Adjusted Net Income is defined as GAAP net income attributable to common shareholders excluding the discrete items listed under Adjusted EBITDA and the related tax impacts. Adjusted Diluted EPS is defined as Adjusted Net Income divided by diluted weighted average number of common shares outstanding. Free Cash Flow is defined as GAAP cash flow provided by operating activities less purchases of property and equipment. The following table presents the reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted EPS to the most directly comparable GAAP measures for the three months ended March 28, 2025: For the Three Months Ended March 28, 2025 Revenues $ 3,491 $ — $ — $ — $ — $ 3,491 Operating income $ 110 $ 21 $ 120 $ 11 $ 5 $ 267 Non-operating expenses, net (86 ) — — — — (86 ) Income before income taxes 24 21 120 11 5 181 Provision for income taxes 1 (22 ) (5 ) (13 ) (2 ) (1 ) (43 ) Net income including non-controlling interests 2 16 107 9 4 138 Less: net income (loss) attributable to non-controlling interests 2 — — (10 ) — (8 ) Net income (loss) attributable to common shareholders $ 4 $ 16 $ 107 $ (1 ) $ 4 $ 130 Basic and diluted income per share attributable to common shareholders $ 0.02 $ 0.07 $ 0.43 $ — $ 0.01 $ 0.53 Basic and diluted weighted average shares outstanding 243 243 243 243 243 243 Net income (loss) attributable to common shareholders $ 4 $ 16 $ 107 $ (1 ) $ 4 $ 130 Net income margin 2 0.1 % 3.7 % Depreciation expense 9 — — — — 9 Amortization of intangibles 120 — (120 ) — — — Interest expense and other, net 86 — — — — 86 Provision for income taxes 22 5 13 2 1 43 EBITDA (non-GAAP) $ 241 $ 21 $ — $ 1 $ 5 $ 268 EBITDA margin 6.9 % 7.7 % Expand 1 - Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts. 2 - Calculated as net income (loss) attributable to common shareholders divided by revenues. Expand AMENTUM HOLDINGS, INC. UNAUDITED NON-GAAP FINANCIAL MEASURES (in millions, except per share data and margin percentages) The following table presents the reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted EPS to the most directly comparable GAAP measures for the six months ended March 28, 2025: For the Six Months Ended March 28, 2025 Revenues $ 6,907 $ — $ — $ — $ — $ 6,907 Operating income $ 242 $ 30 $ 240 $ 11 $ 8 $ 531 Non-operating expenses, net (173 ) — — — — (173 ) Income before income taxes 69 30 240 11 8 358 Provision for income taxes 1 (46 ) (7 ) (30 ) (2 ) (1 ) (86 ) Net income including non-controlling interests 23 23 210 9 7 272 Less: net income attributable to non-controlling interests (7 ) — — (12 ) — (19 ) Net income (loss) attributable to common shareholders $ 16 $ 23 $ 210 $ (3 ) $ 7 $ 253 Basic and diluted income (loss) per share attributable to common shareholders $ 0.07 $ 0.09 $ 0.86 $ (0.01 ) $ 0.03 $ 1.04 Basic and diluted weighted average shares outstanding 243 243 243 243 243 243 Net income (loss) attributable to common shareholders $ 16 $ 23 $ 210 $ (3 ) $ 7 $ 253 Net income margin 2 0.2 % 3.7 % Depreciation expense 18 — — — — 18 Amortization of intangibles 240 — (240 ) — — — Interest expense and other, net 173 — — — — 173 Provision for income taxes 46 7 30 2 1 86 EBITDA (non-GAAP) $ 493 $ 30 $ — $ (1 ) $ 8 $ 530 EBITDA margin 7.1 % 7.7 % Expand 1 - Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts. 2 - Calculated as net income (loss) attributable to common shareholders divided by revenues. Expand AMENTUM HOLDINGS, INC. UNAUDITED PRO FORMA NON-GAAP FINANCIAL MEASURES The presentation and discussion of Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin, Pro Forma Adjusted Net Income, and Pro Forma Adjusted Diluted EPS are not measures of financial performance under Generally Accepted Accounting Principles in the United States ('GAAP'). These non-GAAP measures should be considered only as supplements to, and should not be considered in isolation or used as a substitute for, financial information prepared in accordance with GAAP. Management believes these non-GAAP measures, when read in conjunction with our consolidated financial statements prepared in accordance with GAAP and the reconciliations herein to the most directly comparable GAAP measures, provide useful information in assessing trends in our ongoing operating performance and may provide greater visibility in understanding the long-term financial performance of the Company. The computation of non-GAAP measures may not be comparable to similarly titled measures reported by other companies, thus limiting their use for comparability. Pro Forma Adjusted EBITDA is defined as pro forma net income attributable to common shareholders, which incorporates the results of CMS prepared in accordance with the requirements of Article 11 of Regulation S-X, adjusted for pro forma interest expense and other, net, pro forma provision for income taxes, pro forma depreciation and amortization, and excludes the following discrete pro forma items: Acquisition, transaction, and integration costs – Represents acquisition, transaction and integration costs, including severance, retention, and other adjustments related to acquisition and integration activities. Amortization of intangibles – Represents the amortization of intangible assets. Non-cash GAAP expense (gain) – Represents a non-cash goodwill impairment charge and a non-cash gain on acquisition of controlling interest. Loss on extinguishment of debt – Represents the write-off of debt discount and debt issuance costs as a result of debt modifications. Utilization of certain fair market value adjustments assigned in purchase accounting – Represents the periodic utilization of the fair market value adjustments assigned to certain equity method investments and non-controlling interests based on the remaining period of performance for the related contract. Share-based compensation – Represents non-cash compensation expenses recognized for share based arrangements. Pro Forma Adjusted EBITDA Margin is defined as Pro Forma Adjusted EBITDA divided by Pro Forma Revenues. Pro Forma Adjusted Net Income is defined as pro forma net income attributable to common shareholders, which incorporates the results of CMS prepared in accordance with the requirements of Article 11 of Regulation S-X, excluding the discrete pro forma items listed under Pro Forma Adjusted EBITDA and the related pro forma tax impacts. Pro Forma Adjusted Diluted EPS is defined as Pro Forma Adjusted Net Income divided by pro forma diluted weighted average number of common shares outstanding. The following table presents the unaudited pro forma combined reconciliation of Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin, Pro Forma Adjusted Net Income and Pro Forma Adjusted Diluted EPS to the most directly comparable pro forma measures for the Company, including CMS, for the three months ended March 29, 2024: For the Three Months Ended March 29, 2024 Revenues $ 3,465 $ — $ — $ — $ — $ 3,465 Operating income $ 114 $ 4 $ 133 $ — $ 3 $ 254 Non-operating expenses, net (85 ) — — — — (85 ) Income before income taxes 29 4 133 — 3 169 Benefit (provision) for income taxes 1 10 (1 ) (49 ) — — (40 ) Net income including non-controlling interests 39 3 84 — 3 129 Less: net income (loss) attributable to non-controlling interests 1 — — (5 ) — (4 ) Net income (loss) attributable to common shareholders $ 40 $ 3 $ 84 $ (5 ) $ 3 $ 125 Basic and diluted income (loss) per share attributable to common shareholders $ 0.16 $ 0.01 $ 0.35 $ (0.02 ) $ 0.01 $ 0.51 Basic and diluted weighted average shares outstanding 243 243 243 243 243 243 Net income (loss) attributable to common shareholders $ 40 $ 3 $ 84 $ (5 ) $ 3 $ 125 Net income margin 2 1.2 % 3.6 % Depreciation expense 10 — — — — 10 Amortization of intangibles 133 — (133 ) — — — Interest expense and other, net 85 — — — — 85 (Benefit) provision for income taxes (10 ) 1 49 — — 40 EBITDA (non-GAAP) $ 258 $ 4 $ — $ (5 ) $ 3 $ 260 EBITDA margin 7.4 % 7.5 % Expand 1 - Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts. 2 - Calculated as net income (loss) attributable to common shareholders divided by revenues. Expand AMENTUM HOLDINGS, INC. UNAUDITED PRO FORMA NON-GAAP FINANCIAL MEASURES (in millions, except per share data and margin percentages) The following table presents the unaudited pro forma combined reconciliation of Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin, Pro Forma Adjusted Net Income and Pro Forma Adjusted Diluted EPS to the most directly comparable pro forma measures for the Company, including CMS, for the six months ended March 29, 2024: For the Six Months Ended March 29, 2024 Pro Forma results Acquisition, transaction and integration costs Amortization of intangibles Utilization of fair market value adjustments Share-based compensation Pro Forma Non-GAAP results Revenues $ 6,803 $ — $ — $ — $ — $ 6,803 Operating income $ 233 $ 11 $ 257 $ — $ 5 $ 506 Non-operating expenses, net (167 ) — — — — (167 ) Income before income taxes 66 11 257 — 5 339 Benefit (provision) for income taxes 1 5 (7 ) (79 ) — — (81 ) Net income including non-controlling interests 71 4 178 — 5 258 Less: net income (loss) attributable to non-controlling interests (1 ) — — (10 ) — (11 ) Net income (loss) attributable to common shareholders $ 70 $ 4 $ 178 $ (10 ) $ 5 $ 247 Basic and diluted income (loss) per share attributable to common shareholders $ 0.28 $ 0.01 $ 0.74 $ (0.04 ) $ 0.02 $ 1.01 Basic and diluted weighted average shares outstanding 243 243 243 243 243 243 Net income (loss) attributable to common shareholders $ 70 $ 4 $ 178 $ (10 ) $ 5 $ 247 Net income margin 2 1.0 % 3.6 % Depreciation expense 20 — — — — 20 Amortization of intangibles 257 — (257 ) — — — Interest expense and other, net 167 — — — — 167 (Benefit) provision for income taxes (5 ) 7 79 — — 81 EBITDA (non-GAAP) $ 509 $ 11 $ — $ (10 ) $ 5 $ 515 EBITDA margin 7.5 % 7.6 % Expand 1 - Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts. 2 - Calculated as net income (loss) attributable to common shareholders divided by revenues. Expand
Yahoo
26-02-2025
- Business
- Yahoo
Amentum to Participate in the Raymond James Institutional Investor Conference
CHANTILLY, Va., February 26, 2025--(BUSINESS WIRE)--Amentum (NYSE: AMTM), a leader in delivering advanced engineering and technology solutions to the U.S. government, allies and Fortune 500 companies, announced today that it will participate in the 46th Annual Raymond James Institutional Investor Conference in Orlando, Florida. John Heller, Chief Executive Officer, will engage in a fireside chat session on Tuesday, March 4, at 4:00 p.m. E.T. A live audio webcast of the event will be available on the Amentum Investor Relations website at A replay will be available from the website for 90 days following the event. About Amentum Amentum is a global leader in advanced engineering and innovative technology solutions, trusted by the United States and its allies to address their most significant and complex challenges in science, security and sustainability. Our people apply undaunted curiosity, relentless ambition and boundless imagination to challenge convention and drive progress. Our commitments are underpinned by the belief that safety, collaboration and well-being are integral to success. Headquartered in Chantilly, Virginia, we have more than 53,000 employees in approximately 80 countries across all 7 continents. Visit us at to learn how we advance the future together. Follow @Amentum_corp on X Follow Amentum on LinkedIn View source version on Contacts Media Contact:Chanel Investor Contact:Nathan RutledgeIR@
